Concept – Accounts Payable Considerations
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Which statement is most likely related to accounts payable?
Which statement is most likely related to accounts payable?
What is the actual rate of interest incurred on a note payable?
What is the basis of current liabilities for it to be recorded?
All are correct statements about deferred revenue EXCEPT for:
When is a long-term liability recognized as a current liability?
All fall under current liability EXCEPT:
Given the salaries per week, the amount of vacation weeks not taken in one year, and the percent the salaries raised along with the total salaries paid in the following year… prepare two separate journal entries.
Your numbers will vary.
Given the amount of gift cards sold, the percent redeemed in year 1, the amount presented for redemption, the meals price, and the percent sales tax…. prepare a journal entry, determine the liability, and classify the liabilities.
Your numbers will vary.
Given the deposits that are collected, the deposits represented by containers, the refunded amount, and the forfeited deposits… prepare a journal entry along with determining the liability.
Your numbers will vary.
What are the appropriate journal entries for a farm equipment company’s liabilities involving: 1) a prepayment for a tractor to be delivered later, 2) refundable deposits for equipment part transportation containers, and 3) credit sales subject to state and local sales taxes? Given the information regarding their liabilities for the year… prepare several journal entries for the transactions.
Your numbers will vary.